Goals – YOU And YOUR MONEY®http://money.ca/you_and_your_money
Canadian financial writers on personal finance.Thu, 08 Dec 2016 06:30:53 +0000en-UShourly1https://wordpress.org/?v=4.5.4The 7 parts of Financial Planninghttp://money.ca/you_and_your_money/2013/12/06/the-7-parts-of-financial-planning/
Fri, 06 Dec 2013 18:40:38 +0000http://money.ca/you_and_your_money/?p=3949There are a lot of misconceptions about financial planning – and more and more often the word “holistic” is being tacked on to this process – a meaningless and confusing addition in my mind. Done properly, financial planning has always been about “the whole person” and “the whole family” and about all of those things that are important to the client. It really isn’t financial planning when done properly since finances are not a goal but rather a means – finances are an asset to be used to achive important goals in people’s lives. So here is my take on the 7 parts of “financial planning”.

Life Planning
 What gets you up in the morning?
 For what are you striving in life?
 What excites you about your future plans?
 How do you see your personal or business legacy?
 What is important in your life today?

Cash Flow Management
 Sources, reliability and expected duration of current and future income
 Taxation of current and future income
 Expenses review and analysis
 Includes any Education funding requirements
 Income tax planning – personal, investment and business sources of income

Each client has different priorities and it isn’t my job as a planner to tell them what to do or in what sequence things should be done, with one exception. Without Life Planning be done first, the rest is just a bunch of meaningless numbers with no importance or urgency attached – and also a waste of everyone’s time!

]]>52 Weeks to Success in 2013http://money.ca/you_and_your_money/2013/01/07/52-weeks-to-success-in-2013/
Mon, 07 Jan 2013 08:30:51 +0000http://money.ca/you_and_your_money/?p=2252Happy New Year! The time for fresh starts and better endings. The time for setting resolutions that this year will be different. Did you know that the top three New Year’s Resolutions are:
1. Lose weight / get in shape
2. Improve your financial position / make more money / get out of debt
3. Stop smoking

Personally I am not a fan of resolutions. I find resolutions rarely, if ever, work. Resolutions are all about the start. The moment you have a hiccup, fall off the wagon, or don’t do something absolutely perfect you quit. The standing joke about New Year’s Resolutions lasting till about January 2 is unfortunately way too accurate.

On the other hand I am a huge fan of goals. Goals on the other hand are all about how you finish. Goals are more realistic, have a plan, and don’t expect you to be perfect, just persistent. Goals deal with the daily and weekly steps you need to take in order to achieve your objective.

Over the next year, in 52 easy steps, we are going to take you through everything you need to look at to set up a healthy and balanced financial plan. If you are committed to doing the work you will be astounded at the positive changes you will see in your bottom line, your plans for the future, and your general state of being.

Financial success is not rocket science and doesn’t require anything more than a decision followed by simple daily and weekly actions. I challenge you to make the choice to really make 2013 different, not just for the first few days or weeks, but for the entire year. Build upon the things you already know and do by making small, incremental steps towards the life you really want.

I look forward to taking this journey with you and seeing where we end up on December 31, 2013. Please feel to write me with any questions or comments you may have.

“Fall down seven times, get up eight.”
Japanese Proverb

]]>Turning Pennies Into Poundshttp://money.ca/you_and_your_money/2012/08/29/turning-pennies-into-pounds/
Wed, 29 Aug 2012 14:50:56 +0000http://money.ca/you_and_your_money/?p=886Little things add up. $20 here, $10 there, $5 at another place. Next thing you know you’ve gone through a few hundred dollars and you can’t even remember where they went. The good news is by making small, conscious choices you can put those “yuppie food stamps” (also known as $20 bills) back in your wallet.

There are some places where we can save money and still get everything we want and sometimes more with a little bit of planning. For one, we all eat on a somewhat regular basis. The biggest mosquito for people living in urban centers is eating out. $5 for a coffee and a bagel in the morning, $8 for lunch at a fast food joint, and $25 grabbing take out on the way home from work and it adds up super fast.

Having food at home is a way to put thousands of dollars back into your wallet. One of the things I like to do is cook extra when I do go to the effort of making dinner at home so that I have left-overs to make into lunches and TV dinners. I have also found that a crock pot is a wonderful time, money, and waist line saving appliance. I can throw something in first thing in the morning and have a fantastic dinner ready for me at the end of the day. Another discovery I made many, many years ago is that it takes pretty much no extra time or effort to cook an extra dish to throw into the freezer for another time when I’m too busy to cook. Lasagna, casseroles, and great soups are gold in a freezer.

Grocery shopping is also another wonderful way to save yourself some money and possibly get yourself some nice perks. First off get to know your grocery store well, you are going to be spending a fair bit of time there over your lifetime. Get to know the layout, get to know the prices, and get to know the sales days. I for one am a Safeway shopper. It’s close to my house, I’m a Club Card member, I collect Airmiles, and I know the prices so I know when things are on sale. Like with a lot of the grocery chains they have their discount day, the first Tuesday of every month. You can have 10% off your bill or 10x the base Airmiles. I try to do my big monthly shopping trip on the first Tuesday of the month and take full advantage of 10% off my bill. When you are spending $250 – $300 saving $25 – $30 is a nice chunk of change.

With the perks of collecting the Airmiles I use them for my entertainment. I go out to movies and get the popcorn and drinks included for a few Airmiles which I can collect in one properly planned shopping trip. I have used my Airmiles for passes to West Edmonton Mall World Waterpark and Galaxyland, for passes to the Royal Tyrell Museum in Drumheller, Gift cards to great restaurants like The Keg and Boston Pizza, and for a variety of other things my family likes to do. I still get what I need, groceries, while saving money, and I also get what I want, free attractions and evenings out.

So as you can see with a little bit of thought and planning you can have a better life and a fatter wallet. What can you start doing today to get more out of your life and put more back into your financial future?

]]>Building Mountains Out of Mole Hillshttp://money.ca/you_and_your_money/2012/08/22/building-mountains-out-of-mole-hills/
Wed, 22 Aug 2012 14:35:10 +0000http://money.ca/you_and_your_money/?p=884Summer vacation is almost over and hopefully the weather stays pleasant for a while longer. With the coming of the ‘second’ new year most people start thinking about getting back into the normal swing of things and making a fresh start on achieving their goals. If I could show you a simple, painless, and even fun way to save for your next pleasurable purchase such as a big screen TV, vacation, or toy would you be interested?

There are only two steps required to saving more money than you thought possible. The first is to put yourself on a cash diet for all your incidentals like coffee, eating out, gas, and any other small purchases. At the beginning of the week, go to the ‘instabroke’ machine and take out your weekly allotment of cash. After that leave your plastic, debit and credit cards, in your wallet, or better yet, leave them at home. You can’t use them if they aren’t easily accessible.

Second, pay for everything using only bills. At the end of the day put all your change into a jar you have labeled with a picture of your future purchase. If your dream is to go to Hawaii, get a 52 inch TV, get a new mountain bike, or anything else that puts your heart all a flutter, put a picture on the jar and let the spare change add up. Twoonies, Loonies, Quarters, Dimes, Nickels, and even Pennies add up very quickly when we aren’t paying attention.

In a very short period of time you will find this very simple, painless act of saving fun and enjoyable. For added motivation you might want to create a chart (example: a thermometer) that shows your financial progress towards your goal. It is amazing how excited you can get just seeing yourself getting closer to your reward.

Start today and see how quickly you can go from squirreling spare change away to enjoying the fruits of efforts.